MoneyGram received $15.1 million from Ripple in Q2 for providing liquidity for Ripple’s XRP-based cross-border settlement network, according to coindesk.com. Offsetting transaction expenses, MoneyGram said it made $8.8 million net benefit.
In its 2019 annual report, MoneyGram defined market development fees as the compensation for providing liquidity to Ripple’s On-Demand Liquidity (ODL) network – the settlements layer using the XRP token to send money across borders.
MoneyGram received $16.6 million in Q1 2020, taking total compensation to $31.7 million in H1 2020. It also received a total of $11.3 million in H2 2019.
Ripple has so far paid MoneyGram $43 million to provide liquidity for its ODL network.
MoneyGram started using ODL for some of its global remittance operations in June last year.
Ripple completed the purchase of a $50 million equity stake in MoneyGram in November.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
